Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>A global perspective on what happened overnight</li></ul>

A global perspective on what happened overnight

HMC Capital - The Overnight Report: Winners Out, Laggards In

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 3 July, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> and Malteries Soufflet entered into a binding agreement of A$5.00/share, by way of a Scheme. </li>
<li>The Scheme Booklet has now been lodged with ASIC. UMG shareholders vote on the transaction on the 12 October, with implementation on the 15 November.</li>
<li>The Offer remains subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.</li>
</ul>


Back on the 3 July, United Malt Group Ltd (UMG AU) and Malteries Soufflet entered into a binding agreement of A$5.00/share, by way of a Scheme. 
The Scheme Booklet has now been lodged with ASIC. UMG shareholders vote on the transaction on the 12 October, with implementation on the 15 November.
The Offer remains subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.


United Malt: Shareholder Vote On 12th Oct

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.afr.com/street-talk/malteries-soufflet-signs-binding-deal-to-buy-united-malt-at-5-a-share-20230702-p5dl6n" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.</li>
<li>The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.</li>
<li>The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. </li>
</ul>


The AFR reports that United Malt Group Ltd (UMG AU) has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.
The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.
The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. 


United Malt (UMG AU): Malteries Soufflet’s Binding Offer

<ul>
<li>There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>'s <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> tilt; Malteries Soufflet's <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt (UMG AU)</a> Offer; Bain Capital's <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia (EHE AU)</a> Offer. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and<a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>.</li>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deal was discussed on Smartkarma this past week: Albemarle (ALB US)'s Liontown Resources (LTR AU) tilt; Malteries Soufflet's United Malt (UMG AU) Offer; Bain Capital's Estia (EHE AU) Offer. 
Key updates took place for Aag Energy Holdings (2686 HK), Toyo Construction (1890 JP), Toshiba Corp (6502 JP), andGolden Energy &amp; Resources (GER SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has granted privately-held Fench rival Malteries Soufflet due diligence on an exclusive basis after receiving an indicative Offer by way of a Scheme.</li>
<li>Malteries Soufflet's non-binding proposal for the <a href="https://www.smartkarma.com/entities/graincorp-ltd" target="_blank" data-smartkarma-citation="entities:18531:1" rel="noopener">Graincorp Ltd A (GNC AU)</a>-spin-off of $5.00/share is a 45.3% premium to undisturbed.</li>
<li>The Offer will be subject to FIRB approval. Malteries Soufflet and United Malt are the second and fourth-largest maltsters in the world.</li>
</ul>



United Malt Group Ltd (UMG AU) has granted privately-held Fench rival Malteries Soufflet due diligence on an exclusive basis after receiving an indicative Offer by way of a Scheme.
Malteries Soufflet's non-binding proposal for the Graincorp Ltd A (GNC AU)-spin-off of $5.00/share is a 45.3% premium to undisturbed.
The Offer will be subject to FIRB approval. Malteries Soufflet and United Malt are the second and fourth-largest maltsters in the world.


United Malt: Malteries Soufflet's Non-Binding Proposal

Australia

GrainCorp Limited operates as a food ingredients and agribusiness company. The Company processes and distributes wheat, barley, and canola, as well as offers a range of malt products and service to brewers and distillers. GrainCorp also supplies and refines edible oils. GrainCorp serves customers worldwide.*Dummy ticker for index membership mapping

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Graincorp Ltd A (GNC AU)

HMC Capital - The Overnight Report: Winners Out, Laggards In

A global perspective on what happened overnight

FNArena

United Malt: Shareholder Vote On 12th Oct

This is a full price - valuation-wise and optically. Key substantial shareholders have been selling. FIRB may take a closer look. But it's not...

David Blennerhassett

United Malt (UMG AU): Malteries Soufflet’s Binding Offer

AFR reports that Malteries Soufflet has lobbed a binding offer at A$5.00. Shareholders will be supportive and sigh relief at receiving a binding...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

United Malt: Malteries Soufflet's Non-Binding Proposal

This remains a non-binding situation with a long tail due diligence process; and United Malts has struggled from poor financial performance. Enter...

David Blennerhassett

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